Prime Business Africa
The black market recorded a N11.37 kobo increase in the foreign exchange (FX) rate of the United States dollar (USD) on Tuesday, March 24, according to the Naira Rates, the parallel market aggregator.
Based on the aggregator’s data, the FX rate for the USD increased to N1,424.36 kobo per dollar, from the N1,412.99 kobo per $1 recorded on Monday, March 23, in the black market
Join our WhatsApp ChannelWhile the dollar appreciated against the naira in the black market, the value of the pound and euro remained unchanged, as the British and European currencies traded flat at N1,919.99 kobo per £1 and N1,641 per €1, respectively.
However, in the Nigerian foreign exchange market (NFEM), the official dollar rate declined by N5.75 kobo to N1,382.63 kobo per USD, compared to the N1,388.38 kobo per $1 reported the previous day.
This was disclosed by the Central Bank of Nigeria (CBN), which also reported that the highest level the USD rate reached during trading was N1,389 per dollar, while the lowest rate was N1,372/$1, before closing at N1,383.5 kobo per USD.
In the data released by the CBN, the pound exchanged at N1,848.18 kobo per £1, falling below the N1,859.62 kobo per £1 reported on Monday, representing a N11.44 kobo decline in the NFEM.
Also, the euro’s FX rate decreased by N9.43 kobo to N1,599.40 kobo per €1 in the NFEM, also known as the official window, from the N1,608.83 kobo per €1 recorded the day before.
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Prime Business Africa is a business, economy and policy news platform founded in 2021 by veteran journalist and media scholar, Dr Marcel Mbamalu, after he left The Guardian as Editor.
Dr Mbamalu, who serves as Founder and Publisher, set up Prime Business Africa to deliver sharp, data-driven reporting on Nigeria’s markets, trade, investment, and governance trends for decision-makers, entrepreneurs, and policy leaders.
He also writes The Bottom Line, a backpage column for Punch Newspaper every Thursday.
Under his leadership, Prime Business Africa combines deep newsroom experience with a focus on accountability journalism, aiming to bridge information gaps between Africa’s private sector and the global economy.
